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Schemes are on the slide

Active membership of occupational pension schemes slumped by 300,000 last year, according to figures from the Office for National Statistics.

Analysis from the Occupational Pension Schemes Survey reveals 8.7 million people were either earning new defined-benefit scheme benefits or paying defined-contribution scheme contributions in 2009, down from nine million in 2008.

The report highlights the extent of the shift from DB to DC provision in the private sector. Ninety-two per cent of active DC members were in an open pension plan compared with 44 per cent of savers in DB schemes.

OPSS report editor Hazel Mitchell says: “Five years ago, the number of active members of open DB schemes was around double that of open DC schemes. Since then, active membership of open DB schemes has fallen to similar levels as for DC schemes.”

There are plenty of office parties and Christmas events going on at this time of year. But have no fear – you can still stay healthy while going out and enjoying yourself, with a little bit of planning!

Along with all the other firms that provide advice on defined benefit transfers, we received our questionnaire from the FCA about the quantity and nature of cases we have handled since 2015. By the time you read this, the deadline for its return will have passed and those under scrutiny will have breathed a collective […]

18th December 201812:39 pm

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